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<p>[QUOTE=&quot;lettow, post: 481711, member: 6986&quot;]In the days when there was more than one type of currency circulating, Federal Reserve Notes could be redeemed for &quot;lawful money&quot; at the US Treasury or any Federal Reserve Bank.&nbsp; Federal Reserve Bank Notes were an obligation of the bank that issued them and could only be redeemed at the US Treasury and the bank that issued them.</p><p><br /></p><p>The note issuing authority of the individual Federal Reserve Banks was similar to that of the National Banks.&nbsp; It was based on the backing of US government bonds held by the Federal Reserve Banks that issued the notes.[/QUOTE]</p><p><br /></p>

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